Item - 2025.EX25.12
Tracking Status
- City Council adopted this item on July 23 and 24, 2025 without amendments and without debate.
- This item was considered by the Executive Committee on July 16, 2025 and adopted without amendment. It will be considered by City Council on July 23 and 24, 2025.
EX25.12 - Annual Report on City Loans and Loan Guarantees
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on July 23 and 24, 2025, adopted the following:
1. City Council approve the renewal of the outstanding interest-only capital loan issued by the City to the Lakeshore Arena Corporation in the amount of $4,047,660, for a one-year period commencing on November 1, 2025, and ending October 31, 2026.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2025/ex/bgrd/backgroundfile-256942.pdf
Communications (Committee)
EX25.12 - Annual Report on City Loans and Loan Guarantees
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council approve the renewal of the outstanding interest-only capital loan issued by the City to the Lakeshore Arena Corporation in the amount of $4,047,660, for a one-year period commencing on November 1, 2025, and ending October 31, 2026.
Origin
Summary
This report provides annual update reporting on the existing portfolio of City direct loans, capital loan and line of credit guarantees. The portfolio of loans included in this report is separate and apart from other internal City loan programs (e.g., Home Ownership Assistance Program, Sustainable Energy Plan Financing Program) which are covered under other City policies.
As at December 31, 2024, the City had authorized line of credit guarantees amounting to approximately $5.995 million, capital loan guarantees for underlying loans of $67.5 million, outstanding direct loan balances of $42.5 million, and one direct line of credit with a balance of $800,000.
This report recommends a one-year term extension (to 2026) for an outstanding, interest-only capital loan of $4.048 million to Lakeshore Arena Corporation (LAC). During the extended timeline, City and LAC staff will work to develop the details of a loan refinancing arrangement to allow for the repayment of both interest and principal to the City. Staff will report back to Council with recommended refinancing details.
Background Information
https://www.toronto.ca/legdocs/mmis/2025/ex/bgrd/backgroundfile-256942.pdf